Swiss Running Shoes Bounce Back After CEO Shock… Valuation Surges Over 1 Trillion Won in a Day

On Holding AG, the Swiss sportswear company (NYSE: ONON), surged 6.71% on the New York Stock Exchange on the 30th, closing at $34.02. Trading volume was approximately 5.86 million shares, and its market capitalization rose to about $10.1 billion (roughly KRW 13 trillion), adding around $726 million (approximately KRW 1 trillion) in a single day.

Last week, the stock plunged after CEO Martin Hoffmann announced he would step down on May 1 and co-founders David Allemann and Caspar Coppetti signaled their return as co-CEOs. Since then, amid volatile trading, the shares have recovered some of their losses. U.S. law firm Johnson Fistel has launched a shareholder investigation into On Holding, citing potential investor harm related to the CEO transition announcement.

Founded in Zurich in 2010, On Holding is a running-shoe and performance sportswear brand known for its Cloudfoam™ technology. The company has expanded rapidly in the U.S. and other global markets. In 2025, On recorded record-high revenue and earnings, underscoring its growth trajectory; however, recent executive changes have unsettled short-term investor sentiment.